Author: Fiona Craig

Gulf Marine Services (LSE:GMS) has secured a one-year contract extension for one of its Small-class self-elevating support vessels with a national oil company in the Gulf Cooperation Council region.

The extension follows the client’s exercise of an option contained within a contract originally signed in 2022. Gulf Marine Services said the existing contractual terms will remain unchanged during the additional one-year period.

Vessel to Continue Offshore Maintenance Support

Under the extended contract, the vessel will continue supporting the customer’s offshore maintenance activities.

The agreement provides for continued deployment of the Small-class vessel for the additional contract period. No financial value for the extension was provided in the supplied information.

Gulf Marine Services Operations

Gulf Marine Services PLC is an Abu Dhabi-founded offshore energy services company listed on the London Stock Exchange.

The company operates a fleet of 15 self-propelled, self-elevating support vessels across the Middle East and other international markets.

Its vessels are used for activities including offshore platform refurbishment and maintenance, well intervention and the installation and servicing of offshore wind infrastructure.

Bezant Resources (LSE:BZT) has reported progress on the development of its Hope & Gorob copper-gold project and the associated Tsoaxaub Metals Processing Plant in Namibia, with first run-of-mine ore scheduled to be processed during September 2026.

Commissioning of the upgraded processing plant is progressing in line with the company’s schedule, with the initial processing of ore expected to mark the start of concentrate production.

Mine and Processing Infrastructure Advances

Bezant said infrastructure at the Hope & Gorob mine is largely in place, including camp facilities and mining fleets.

Ore stockpiles have also been established and are above initial projections following the recovery of additional ore, according to the company.

At the Tsoaxaub Metals Processing Plant, major civil and structural work has been completed, while mechanical installation is approaching completion. Bezant said flotation cells, crushers and the assay laboratory are either ready or nearing readiness for operations.

Phase II Expansion Review Accelerated

The company has accelerated its review of a potential Phase II expansion following an increase in mineral inventory and changes in copper, gold and silver prices.

Management said a proportion of lower-grade mineralisation that had previously been considered sub-economic may now be suitable for inclusion in mine planning.

Bezant is also assessing a higher mass-pull ore-sorting approach. Under the scenario being considered, increased recoveries would be accompanied by a lower pre-concentrate grade.

The potential changes remain subject to ongoing technical, environmental and economic assessments.

Bezant Estimates Potential 35-Year Mine Life

Based on the current mineral inventory, existing JORC mineral resources and processing assumptions under consideration, Bezant said it believes the Hope deposit could support an estimated mine life of approximately 35 years.

The company said that if higher mass-pull processing scenarios are demonstrated to be feasible, additional lower-grade material could potentially be included in the mine plan. According to Bezant, this could extend the operating life and increase total copper production.

These estimates remain dependent on the processing scenarios and further assessments being evaluated by the company.

Bezant Resources Operations

Bezant Resources Plc is a copper and gold exploration and development company advancing the Hope & Gorob project in Namibia.

The company is repurposing the Tsoaxaub Metals Processing Plant to process run-of-mine material from Hope & Gorob. Its current work includes commissioning activities alongside reviews of mine planning, processing parameters and the potential inclusion of additional lower-grade mineralisation.

Tungsten West (LSE:TUN) reported audited results for the year ended 31 March 2026, with a year-end cash position of £25.5 million following equity fundraising and the conversion of convertible loan notes.

The company raised £43 million in equity during the period and recorded its first sales of tungsten concentrate from the recommissioned processing facility.

Tungsten West reported an operating loss of £7.9 million for the year. Its results also included a non-cash finance charge associated with the conversion of loan notes.

The company reported no lost-time injuries during the period and continued construction activities at its Hemerdon tungsten and tin mine in Devon, including the installation of equipment and appointments to its management team.

Tungsten and Tin Concentrate Production Begins

Following the end of the financial year, Tungsten West began producing tungsten and tin concentrates from the fines gravity circuit at Hemerdon.

The company said construction associated with the mine restart remains on schedule and within budget, with completion targeted for the first quarter of 2027.

The project is backed by funding of up to £71 million from the UK National Wealth Fund.

Tungsten West has recruited more than 150 employees as it prepares for the planned ramp-up of operations.

Hemerdon Restart Targets Q1 2027 Construction Completion

Management said tungsten market prices have increased, with Chinese export controls identified by the company as one factor affecting the market.

Tungsten West views Hemerdon as a potential Western source of tungsten and tin and said the project is funded through to production. The company continues to target completion of restart construction during the first quarter of 2027.

Tungsten West Operations

Tungsten West Plc is a UK-listed mining company focused on restarting the Hemerdon tungsten and tin mine in Devon.

The project uses existing mining and processing infrastructure and is intended to produce tungsten and tin for industrial markets. The company is currently progressing construction and commissioning activities ahead of the planned restart of operations.

Hilton Food Group (LSE:HFG) reported adjusted profit before tax from continuing operations of £32.8 million for the interim period, down 5.2% year on year but ahead of the company’s expectations.

Revenue increased 11.5% on a constant-currency basis, while volumes rose 2.1%. The group said its core meat and fresh prepared foods operations recorded growth during the period, while seafood business Foppen experienced margin pressures.

Adjusted free cash flow was positive. Statutory profit was affected by exceptional costs associated with export restrictions at Foppen and a non-cash impairment related to the agreed disposal of Hilton Food’s vegan and vegetarian business, Dalco.

Dalco Disposal Agreed as Portfolio Changes Continue

Hilton Food has agreed to sell Dalco as it focuses its operations on meat and prepared foods. The company said the removal of Dalco’s losses is one factor reflected in its revised full-year guidance.

The group has also extended retail partnerships, including its relationship with Tesco in the UK, and continued improvement measures at its UK seafood operation Seachill.

In Central Europe, Hilton Food is expanding capacity in Poland, where fresh prepared foods volumes increased 26%.

Saudi Arabia and Canada Facilities Scheduled to Open

Hilton Food is progressing two international expansion projects.

A facility operated through its Saudi Arabian joint venture is scheduled to become operational in the fourth quarter of 2026. In Canada, a new plant is expected to launch in January 2027, initially handling beef, pork and fish before subsequently adding bacon.

The company expects both operations to begin contributing to earnings during 2027.

Full-Year Adjusted PBT Guidance Raised to £66 Million–£71 Million

Management raised its full-year adjusted profit before tax guidance to between £66 million and £71 million, reflecting the removal of Dalco losses and favourable currency movements.

Hilton Food maintained its interim dividend at the prior-year level.

The group plans approximately £100 million of capital expenditure during 2026. Management expects this spending to increase net bank debt while maintaining leverage within its target range of one to two times adjusted EBITDA.

Hilton Food continues to target medium-term operating profit growth in the mid-single digits, cash conversion and returns on capital above 20%. These remain company targets rather than forecasts of achieved performance.

Hilton Food Group Operations

Hilton Food Group is a UK-based food processing and packing company operating across red meat, fresh prepared foods and seafood.

The group works with supermarket retailers across its existing markets and is expanding its international operations through projects including new facilities in Saudi Arabia and Canada, alongside additional capacity for fresh prepared foods in Central Europe.

LondonMetric Property (LSE:LMP) has reported £105 million of investment activity since July as the real estate investment trust continues to adjust its property portfolio.

The company has sold seven assets for a combined £85 million at a net initial yield of 5.3%, with the disposals completed in line with March valuations.

The properties sold included two hospitals occupied by Ramsay Health Care, logistics warehouses, a Lidl store and Travelodge hotels. The transactions reduced LondonMetric’s rental exposure to Ramsay Health Care and Travelodge.

LondonMetric said total disposals during the current financial year now comprise 32 properties with a combined value of £175 million.

Acquisitions Completed at 5.9% Yield

Alongside its disposals, LondonMetric has completed £62 million of acquisitions at a combined yield of 5.9%.

The transactions include the £20 million forward funding of a Tesco foodstore in Nuneaton. The property is subject to a 20-year lease.

LondonMetric is also under offer on a further £140 million of long-let assets at yields above 6%. The company has not stated that these transactions have been completed.

LondonMetric Property Portfolio

LondonMetric Property is a UK-based triple net lease real estate investment trust with a property portfolio valued at approximately £8 billion.

Its portfolio includes assets across logistics, convenience retail, healthcare, entertainment and leisure. The company focuses on generating rental income from properties occupied under lease arrangements across these sectors.

Safestore (LSE:SAFE) reported third-quarter group revenue of £62.2 million, an increase of 4.1% at constant exchange rates, reflecting like-for-like growth and contributions from newly opened stores.

The self-storage operator continued to expand its portfolio during the period, including the addition of a new site in Watford. Group closing occupancy stood at 77.5% of lettable area, with recently developed UK locations and new stores in Paris continuing to build occupancy.

Like-for-Like Revenue Rises 1.9%

Group like-for-like revenue increased 1.9% during the quarter.

In the UK, like-for-like revenue rose 1.9%, supported by domestic customer demand and changes to unit partitioning. Safestore’s expansion markets recorded an 11.6% increase in like-for-like revenue, reflecting higher occupancy and rental rates.

Paris like-for-like revenue declined 2.5%, which the company attributed to economic conditions and planned unit reconfiguration. Including non-like-for-like locations, total revenue in France increased 1.4%.

Safestore Updates Earnings Expectations and UK Development Timing

Management now expects full-year adjusted diluted EPRA earnings per share to be in the lower half of analyst forecasts.

Safestore is also reviewing the timing of its UK development pipeline for 2027 and 2028. The company has not changed the planned overall size of the pipeline.

Safestore Holdings Operations

Safestore Holdings plc operates self-storage facilities across the UK, Paris and other markets in continental Europe.

The group generates revenue by renting storage space to domestic and business customers and continues to invest in new facilities and unit partitioning across its portfolio.

Galliford Try’s (LSE:GFRD) Environment business has secured a £110 million contract from Severn Trent Water to deliver the River Mease Improvement project in the Midlands.

The project is being undertaken as part of Water Industry National Environment Programme requirements and includes construction of a 23km cross-country pipeline connecting the Packington and Measham treatment works.

The contract adds to Galliford Try’s existing work in the water and wastewater infrastructure sector and continues its relationship with Severn Trent Water.

River Mease Project to Support Water Infrastructure Programme

The River Mease Improvement project is intended to support Severn Trent Water in meeting environmental and regulatory requirements.

Galliford Try will undertake the infrastructure work through its Environment business, which delivers water and wastewater projects for regulated utility clients.

The £110 million contract represents a further project for the group within the regulated water sector.

Galliford Try Operations

Galliford Try Holdings is a UK construction group listed on the London Stock Exchange and a member of the FTSE 250.

The company operates under the Galliford Try and Morrison Construction brands and delivers building and infrastructure projects for public, private and regulated sector clients across the UK.

Watches of Switzerland Group (LSE:WOSG) said trading for the 17 weeks to 30 August 2026 remained in line with the trends reported alongside its full-year results, with demand in the US and improving market conditions in the UK contributing to performance during the period.

The luxury watch retailer reported growth across its key brands, alongside contributions from luxury jewellery, certified pre-owned products and ecommerce. The company also said the integration of its recently acquired US business Deutsch & Deutsch was progressing as planned.

Showroom Expansion Programme Continues

Watches of Switzerland said its showroom expansion and refurbishment programme remains on schedule.

New and upgraded locations have opened or are scheduled to open in Georgia, New Jersey and Glasgow, alongside several other UK sites ahead of Christmas.

The programme forms part of the group’s ongoing investment in its physical retail network across the UK and US.

FY27 Guidance Reiterated

Management reiterated the group’s guidance for the 2027 financial year, including constant-currency revenue growth of between 5% and 10%.

Watches of Switzerland also continues to expect an expansion in its EBIT margin and free cash flow conversion during the financial year.

The group’s US operations create exposure to currency movements, with its guidance for revenue growth presented on a constant-currency basis.

Watches of Switzerland Group Operations

Watches of Switzerland Group operates luxury watch and jewellery retail businesses across the UK and US under brands including Watches of Switzerland, Goldsmiths, Mappin & Webb, Mayors, Betteridge, Deutsch & Deutsch, Analog:Shift and Hodinkee.

The group operates 186 showrooms and seven retail websites and sells watches and jewellery from brands including Rolex, OMEGA, Cartier and Breitling. It also holds exclusive distribution rights for Roberto Coin in the Americas.

East Star Resources Plc (LSE:EST) has reported results from an induced polarisation survey at its Snowy Epithermal Target in central Kazakhstan, identifying an east-west chargeability anomaly extending approximately 1,700 metres.

The anomaly begins at around 100 metres depth, remains open to both the east and west and is associated with a volcanic unit. According to the company, its chargeability amplitudes are consistent with those observed at low sulphidation epithermal gold targets.

East Star said the geophysical anomaly also coincides with gold identified in surface sampling.

Further Exploration Planned at Snowy

The Snowy target is located between two known gold deposits that the company said contain similar styles of mineralisation.

East Star plans additional exploration to investigate the source of the chargeability anomaly and assess quartz veining at depth. The company said the timing and scope of the next exploration phase will be determined alongside its wider work programme, including activities conducted through its joint venture with Endeavour Mining.

No drilling results or mineral resource estimate for the Snowy target were included in the information provided.

East Star Resources’ Kazakhstan Portfolio

East Star Resources is a London-listed exploration and development company focused on copper and gold projects in Kazakhstan.

Its portfolio includes a joint venture covering the Verkhuba volcanogenic massive sulphide deposit, VMS exploration at Rulikha and a gold exploration partnership with Endeavour Mining. The company is also evaluating copper porphyry and epithermal gold targets in Kazakhstan.

East Star conducts exploration through a combination of its own programmes and joint ventures. Its partners include Hong Kong Xinhai Mining Services and Endeavour Mining, with the arrangements providing external technical expertise and capital for certain projects.

The company’s activities cover projects at different stages of exploration and development across copper, gold and volcanogenic massive sulphide prospects in Kazakhstan.